Will Bank Of America (BAC) Stock Be Affected By NBA's Los Angeles Clippers Sale?

NEW YORK (TheStreet) -- Bank of America (BAC) was retained to sell the National Basketball Association's Los Angeles Clippers team, Bloomberg reports.

The bank was said to be retained by Donald and Shelly Sterling after the owner, Donald Sterling, agreed to let his wife sell the team.

Donald Sterling has been banned from the National Basketball Association for making racist remarks.

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The NBA has set up a hearing for June 3, during which Sterling has the right to address the other 29 team owners. Twenty-three out of 30 owners must approve the forced sale.

Separately, Bank of America's stock is higher by 3.57% to $15.24 today after it announced it has resubmitted its capital plan to the Federal Reserve. 

TheStreet Ratings team rates BANK OF AMERICA CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate BANK OF AMERICA CORP (BAC) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, expanding profit margins, notable return on equity and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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